Question: EXERCISE 1. TRANSACTION PRICE. Entity wanted to know how much should be the transaction for a new product they are going to sell. Their basis

EXERCISE 1. TRANSACTION PRICE. Entity wanted to know how much should be the transaction for a new product they are going to sell. Their basis for the transaction price is the market survey they have conducted on 50 potential customers. The customers were given time to inspect the product and assess how much they are will to pay for it. 17 customers said the they are willing to pay CU10,000, 25 said CU19,000 and the rest said CU20,000. How much is the transaction price? EXERCISE 2. ALLOCATED TRANSACTION PRICE In relation to your answer in the previous problem. How much would be the allocated transaction price if there are two performance obligations and the first performance obligation's standalone price is twice as much as the standalone price of performance obligation two. 1. Allocated TP for PO1 2. Allocated TP for PO2

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